China’s Ant Group will exit Indian payments firm Paytm by selling its remaining equity stake in block deals that could total 38 billion rupees ($433.72 million), according to a term sheet seen by Reuters on Monday.
Ant, an affiliate of Chinese conglomerate Alibaba Group , will sell its 5.84% stake at a floor price of 1,020 rupees per share.
Goldman Sachs India Securities and Citigroup Global Markets India will lead the sale, the term sheet showed.
Paytm and Ant Group did not immediately reply to Reuters’ requests for comment.
Indian fintech firm Paytm swings to profit, expects further boost
The payments firm, listed as One 97 Communications, has seen multiple share sales in the past two years, including the exit of Warren Buffett’s Berkshire Hathaway and Japan’s SoftBank Group, according to exchange data.
Ant had sold a 4% stake in Paytm in May and a 10.3% stake in August 2023.
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